With the bear market in full swing, Ethereum whales are expanding their holdings. However, there was some departure from the norm. Because: New coins seem to have sparked the interest of these big investors. As meme coins continue to make waves, the top 100 Ethereum whales still seem bullish. The result: meme coins are now some of the biggest possessions of these whales. Which one?
Ethereum whales: the top 10 meme base
Ethereum’s top 10 whale holdings are dominated by cryptocurrencies that would have been out of the question two years ago. Shiba Inu Coin (SHIB) has been at the top of the list for a long time and is still there.
Given that SHIB will succeed in the market, it’s no surprise that Ethereum whales are betting more on meme coins – so there’s growing support for dog – themed coins.
To date, Shiba Inu Coin has the highest position among these whales by dollar value, followed by ETH and USDC. The meme coin accounts for 16.87% of the total holdings of the Top 100 Whales and is worth more than $ 546.9 million.
The next line is a novice. ShibDoge has been in this space for some time. As the bear market continues to thrive, ShibDoge has proven to be one of the unlikely winter winners.
Ethereum whales increased their holdings of the meme coin. At the time of writing, ShibDoge represents 11.62% of its holdings with a dollar value of $ 376,780,896. So it is the fourth largest holding behind Shiba Inu Coin (SHIB).
Meme coins with declining profitability
The meme coins have caused a sensation in 2021 and into 2022. They remain in favor of cryptocurrency investors and are the subject of debate. However, their profitability leaves much to be desired after the market crash that erupted in June.
Currently, the profitability range for tires like Shiba Inu Coin (SHIB) has dropped dramatically. Data from IntoTheBlock shows: Only 24% of all investors invested in SHIB are making a profit. This means that the vast majority, 73%, are struggling with losses.
Dogecoin (DOGE) Meme Coin Profitability also declined. While the majority of holders are still in profit, at 51% there is only the minimum possible majority.
For ShibDoge, data from Coinmarketcap shows that the meme base is down 94.59% from the full – time high in May 2022. This shows that while meme coins are still popular, investors no longer believe that they can be very profitable.
Text credit: Bitcoinist
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